Memecoins are leading cryptocurrency gains early Thursday morning, after Bitcoin (CRYPTO: BTC) nearly topped $110,000.
What happened: Solana (CRYPTO: SOL)-based Bonk rallied over 21% to become the market's most profitable cryptocurrency in the last 24 hours.
The dog-themed coin's trading volume exploded 336% to nearly $560 million in the last 24 hours, suggesting high buying pressure. Open interest exploded 40% in the last 24 hours, according to Coinglass.
Widely followed cryptocurrency trader Bluntz projected Bonk to surge by "at least" 100%-130%, but did not provide a specific time frame.
See Also: Why Crypto Investors Are Receiving Internal Revenue Service Warning Letters
| Cryptocurrency | Gains +/- | Price (Recorded at 4:50 a.m. ET) |
| Bonk (CRYPTO: BONK) | +21.75% | $0.00001734 |
| Fartcoin (FARTCOIN) | +16.58% | $1.24 |
| Dogwifhat (CRYPTO: WIF) | +15.51% | $0.9347 |
Fartcoin, another Solana-based memecoin, lifted over 16%, with trading volume soaring 55% in the last 24 hours. Dogwifhat spiked 15% over the previous day.
The three memecoins were among the top five biggest gainers in the past 24 hours, reflecting the memecoin frenzy.
Their returns overshadowed meme titans like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which advanced 7.78% and 6.33%, respectively.
The overall memecoin market surged 8.85% to $57.23 billion, with trading volume rising by 60%.
The market has erupted after Bitcoin nearly broke $110,000 on Wednesday on surging institutional interest and trade deal optimism.
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading
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